interest rates

Fed policymakers have jacked up their key interest rate to a 22-year high to try to slow growth and bring inflation down to their 2% target.

Investors had been hoping for a signal from Powell that the Fed might soon moderate its rate increases later this year.

It did not specify any amounts or timing for its bond purchases.

It was the Fed's first rate cut since last year, when it reduced its key short-term rate three times.

The Senators and others say students and parents deserve to know the true cost of federal loans.

The Fed chairman said the central bank is monitoring potential vulnerabilities in the banking system to ensure its continued stability.